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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Soybean futures are currently trading more than 20 cents higher so far this morning, after double digit gains on Wednesday. High temps and limited rainfall are stressing shallow rooted beans in the Midwest but some relief is expected next week. Chinese buying for export has been aggressive in the past week. Trade estimates for the USDA weekly Export Sales report were in the 1.2 to 1.6 MMT range, with most of that new crop. Unlike recent weeks, traders were not expecting net cancellations of old crop. USDA just told us that net export sales last week for old crop were 226,700 MT, and the new crop total was reported at a whopping 2.451 MMT, with 1.2835 MMT slated for delivery to China. The new crop price got cheap enough for China to step in and buy big.